Ending a Lease
When you leased your new vehicle from Summit Fleet, the end of the lease term was probably the last thing on your mind. Your main concern then was probably the idea of a lease commitment and that nagging self-doubt as to whether this was a smart thing to do.
Well, congratulations! You survived. Not only have you enjoyed years of vehicle reliability and prestige but you may now be in a position of equity! You can now invest in a new or later model vehicle.
Generally speaking you have the following choices:
At Summit Fleet, we recommend that you replace the vehicle rather than purchase for these reasons:
Your Lease Agreement explains this in specific language. Essentially, it requires that the vehicle be returned to Summit Fleet in sell-able condition with no appreciable defects.
To make this assessment, stand two to three metres away from the vehicle and consider it as a potential buyer. Any problems discernible at the distance are usually considered ‘excessive’.
If you have a Purchase Option Lease or an Open Lease and you elect to purchase the vehicle, then simply tell us and you don’t need to read any further. We will arrange the paperwork. If you decide not to purchase the vehicle, or your lease is a Closed Lease then you may have some potential liabilities.
Call your Lease Representative as soon as possible to explore the leasing option most favourable to you.